MetLife Insurance Company – Individual (1999–2012)


Rate request: 77.8 percent average increase

Decision: Disapproved, limited to 0%-46.98%

On January 30, 2019, MetLife Insurance Company requested an average increase of 77.8 percent on block of long-term care policies for individuals that reimburse for charges for nursing home or assisted living care. The policies were issued in Connecticut from 1999 to 2012 and are no longer being marketed.

There are just over 5,000 policies in force in Connecticut.

The company said in its filing that the increase is needed because of a much expected higher demand for benefits over a longer period of time than originally projected when the policies were originally priced.

Unlike medical health insurance with premiums set to cover expenses incurred only during the upcoming policy year, long term care premiums are set to cover expenses that are not expected to occur until a distant date, sometimes 20 years in the future.

After an actuarial review, the Department determined that the full increase requested was not warranted and a 0.0%-46.98% increase was approved, depending on the product Series, on April 17, 2019. While the Department approved rate increases for some Series plans based on deteriorating experience, the Department also disapproved some increase requests since the current inception-to-date experience has been better than expected both for Connecticut experience as well as nationwide experience.

The new rates will take effect 60 days after the company notifies policyholders. Under Connecticut law, increases of 20 percent or more must be phased in over three or more years.

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Find the filing documents here at Long-Term Care Insurance Rate Filing